Post Coronavirus Economy of Bangladesh has been explained here.
Post Coronavirus Economy of Bangladesh is now a talked topic all over the world. Pandemic is a health hazard that spread most of the region of the world. As it affects every aspects of life it affects the Business also. From the current situation it is obvious that at the time of a pandemic the strength of different business industries changed radically. The changes may remain for a short time or even forever. This report explores the shifts in demand for the product of different industry in post coronavirus economy.
Current condition of Economy
According to experts global cost of this current pandemic may exceed 4 trillion dollars. Global economy could shrink by almost 1%. The pandemic is bringing down the middle class people to poverty. People’s income is going down like a broken ship into the sea. As a result buying power of people has been plunged. People are using the last penny of their savings. Those who live hand to mouth are forced to either beg or to wait for reliefs.
Industries that may have a shrink in post coronavirus economy
Now it is visible that people will buy less than ever. And it should be a good guess that the demand for luxurious products will fall to the bottom. As a result industries like housing construction, sophisticated electronics, is going to face a hard time ahead. On the other hand, people would try to avoid mass gathering. This will lead to the shrink of businesses like event management, community center, convention hall, sports, and transportation in Bangladesh.
Business industries that will have a high growth in Bangladesh
This pandemic can also be seen as a blessing in the disguise for some businesses. It pointed out the importance of healthy food. This will increase the demand for organic foods in Bangladesh. The habit of avoiding public gathering will bring a boom in the sale of cars, motor bikes, and bicycles in Bangladesh. The banking sector in Bangladesh would see its highest peak in the coming days as people will save more as a preparation for any uncertain event in the future. Pharmaceuticals and e-commerce business in Bangladesh will have a skyrocketing growth in sales.
The survival of any industry after the pandemic is depending upon the strategy taken and on the efficient use of resources and time.
Recommendation for post coronavirus economy
Entrepreneurs and business investors must keep a close eye on the rapidly changing behavior of people. Its high time business should introduce a 24/7 working hours. Going online is now compulsory and most importantly Built to order production strategy should be adopted. E-commerce sites in Bangladesh must extend their services.
Iqram Ahmad Tomal is a student of Department of Management, University of Chittagong.
You can reach him: [email protected]